Ashford Hospitality Trust Inc. has successfully refinanced the mortgage loan secured by the Hotel Indigo Atlanta Midtown with an existing outstanding balance totaling approximately $15.6 million and a final maturity date in June 2017. According to a prepared statement, the non-recourse loan totals $16.1 million with a three-year term and two, one-year extension options subject to the satisfaction of certain conditions.
The loan carries an interest rate of LIBOR + 2.90% and is interest only for the first two years with a 30-year amortization schedule based on a 6% interest rate starting in the third year.
“Having now refinanced all of our 2017 maturities on what we believe to be attractive debt terms, we are looking ahead and have already commenced work on the only loan we have coming due in 2018,” explained Douglas A. Kessler, Ashford Trust’s president and CEO.
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.
In other recent Ashford Hospitality Trust news, the REIT recently redeveloped and acquired the meeting space at its Renaissance Nashville hotel. The Metropolitan Government of Nashville and Davidson County recently sold the Nashville Convention Center, which is adjacent to the Renaissance to allow for its redevelopment into a $400 million mixed-use development featuring a 26-story, 385,000-square-foot class A office tower, 235,000 square feet of high-end retail, dining and entertainment (including the National Museum for African American Music), a 34-story residential building containing over 350 rental units and more than 2,000 parking spaces.
Certain of the Hotel’s facilities, including the grand ballroom, kitchen, laundry and other ancillary facilities, are located in the Convention Center and are currently leased pursuant to a 99-year lease.
At the time, Kessler said that the company was “excited about the impact this new project will have on Downtown Nashville and in particular our Renaissance property. Being adjacent to the 5th & Broadway development will create several new demand generators for our hotel, while also providing our guests with direct access to many new quality dining and entertainment options in dynamic downtown Nashville.
Ashford Hospitality Trust is a real estate investment trust focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.